040: Businesses Need Financial Guidance Now More Than Ever

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Do you know about cost segregation studies and how they apply to new tax laws There are exciting changes regarding shorter-life assets that will have a big impact for investors Immediate expensing will be a boon for real estate It offsets income made and all other income then it carries forward indefinitely However most business owners hate accounting It gets in the way and is a distraction from what they should be doing That s why there is Duckett Ladd Today my guest is Bill Ladd a CPA and co-owner of the full-service Duckett Ladd firm that specializes in real estate He spends a lot of time on Section 42 properties which features a low-income credit that incentivizes developers to build in depressed communities But a lot of regulations and rules go along with such development Even so Duckett Ladd decided to zero in on this market own that space and add value for people Topics on Today s Episode Consult a tax advisor about passive income there s all kinds of ways the IRS tries to trip you up Tax forms now have limited ability to take net operating losses which impacts offsetting taxes For every property I own a cost segregation study is a standard practice Quarterly meetings with your tax advisor should be mandatory get together and hold each other accountable Good and bad aspects of 1031 properties – do the numbers work Do they lead to abandoned income and limited ability to defer entirety of gain Partnerships Find the right fit make sure to communicate and be on the same page adjust your business model as necessary I made a financial commitment that I would have clean and perfect books on all accounts and Duckett Ladd has made that possible Every company needs a financial component and should make it a priority from the start accounting is the language of business yet is underutilized Links and Resources Mentioned Duckett Ladd Duckett Ladd on Facebook Duckett Ladd on Instagram Contact Duckett Ladd at 417 883-6590 Quotes I cut my teeth very early on in the multifamily space and really spend a lot of time on Section 42 properties Bill Ladd As I ve kind of grown up in my career and watched other people it s really fun to watch because you see certain people that just have it figured out Bill Ladd There s all kinds of ways the IRS tries to trip you up Bill Ladd I don t think we even understand the depth of how much this is going to help when it comes to generating cash flow by saving on taxes Bill Ladd Don t forget to download my Free Workshop Quickstart Video Series and if you like what you have heard please leave a review on iTunes Text the word MONEY to 408-500-1127 to get my free private money program and credibility kit for single family Click here to visit this podcast episode